Certain conditions and some unforeseen occurrences could arise and put you in a financially uncomfortable situation. These financial emergencies could have you seeking for a place to borrow some money to sort these needs of yours. So, you approach the money lenders, with the major part of your attention and efforts on getting the loan and little awareness to the legal aspect of the loan contract. Considering the legitimacy and repayment aspect of the contract you just got yourself into.

This post is a little help that I've put together for you on how to identify a fake money lender, some one with the intentions of scamming you or getting you in some very unpleasant loan shark situation. A few tips and a few things you should watch out for when it comes to money lending include;

• Advertising Methods of The Financier: Beware of false advertising, usually, Legal Money Lenders in Singapore would utilize only the following means for advertisement; their own fully functional website, both online and print business and consumer media, and other suitable ads places around their offices and premises. Be very wary of those money lending agencies who interact with you via social media. It is most advisable to block and report them.

• Processing Fees of the Financier: Malicious money lending agencies will try to extort you of suspiciously large portion of money under the guise of processing fees. If you notice a strange looking figure in the contract. Please cancel the application and report to the authorities immediately.

• Physical Address: Most of these scammers posing as money lenders try their possible best not to use a physical address to avoid being caught. If at all they have an actual address, it is usually a sham or an inadequate setup without convincing proof and an established presence – which is very unlike a legitimate agency.

• Approval Time: If the approval time of your loan application is incredibly shorter than usual, please beware of such. Several fake agencies would skip the process of going through your credit history and doing a credit check on your accounts. They’d usually demand a very hasty response from their targets, dwelling on time-bound operations and end up offering you a shady contract with several drawstring and an alarming interest rate. A legitimate money lending agency would require a face to face interview for optimum interaction, an extensive credit check, clearly stated documentation of the terms of agreement of the loan, they even allow you enough time to consider your options and make a choice.

Summarily, to confirm the legitimacy of any financial institution and the licensing of any money lending agency operating in the country, the Singapore Ministry of Law has a link with a compiled list licensed financial institutions and legitimate money lending agencies within the country.